Article Synopsis :
The insurance industry faces increasing pressure from non-traditional threats such as retail giants and FinTech and InsurTech startups.
What makes these new entrants dangerous is they’re better equipped to meet the growing demand for high-quality, real-time, digital customer experience.
In the report “Insurance in the interconnected age”, BT Global Services suggests digital technologies and channels provide perhaps the biggest opportunity in the industry’s history to connect (or re-connect) with policy holders improving service and communication levels and creating new products suited for the digital age.
Per the report, the four key success factors for insurers are:
- Consolidate all customer data creating a single-view of each customer using cloud-based technologies to do so.
- Create an omni-channel customer experience with convenience and real-time connectivity on agenda. Review the product portfolio for which products can be offered digitally. As per research by BT, consumers the world-over buy products from insurers who make the purchase process simple, including seamless control of the entire purchase process.
- Build interconnected systems with the use of telematics and wearable technologies.
- Change internal business operations with cloud-based collaborative services reducing the dependence on manual and paper-based operations. Utilize “software-as-a-service” to the maximum extent possible to achieve operational efficiency and flexibility.
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Digital Insurer's CommentsA digital mindset re-thinks and in some cases dismantles traditional ways of doing business.
The industry has been very slow in embracing transformational technologies. Executives point to their IT budget and say, ‘See, we’re spending enough.’ The problem is 80% of that budget, on average, goes to support systems deployed years ago. Yesterday’s technologies.
The rise of tech-savvy consumers creates a market for tech-savvy insurance executives; leaders unafraid to invest in today’s technologies.
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